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Free translation for information pu
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TABLE OF CONTENTS (continued) ii Pa
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TABLE OF CONTENTS (continued) iv Pa
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TABLE OF CONTENTS (continued) vi Pa
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SUMMARY OF THE PROSPECTUS Visa n°
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Key figures from the pro forma inco
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• The products of the employee an
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Number of shares 7 Percentage of sh
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Between the time the customers pay
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• PrePay Solutions (a joint‐ven
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specific, it is unlikely that any f
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The Company also benefits from its
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1.3 Strategy As an independent comp
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media to suit products and customer
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Through the development of these va
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Issue volume growth is at the cente
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1.5 Group products and services 1.5
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The following chart shows the relat
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(b) Products Tickets Restaurant ®
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The following table gives an overvi
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Expense management New Services pro
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• gift vouchers for businesses an
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The table below shows the geographi
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elations given its flexibility and
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When affiliated merchants accept vo
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1.10 Competition 1.10.1 The employe
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1.10.2.3 Growth potential As with t
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free benefit in kind. This tax bene
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Restaurant ® beneficiaries secure
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Key figures from the pro forma inco
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- breakage revenues from vouchers t
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A reconciliation between the histor
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2.4.1.2 Issue volume by business li
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The proportion of operating revenue
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esulting from the acquisition of Pr
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Global structures (1) 0 2 n.s. n.s.
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The Group’s working capital requi
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2.6.4 Working capital requirements
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The Club Deal and the Bilateral Lin
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2.8.1.1 Europe In the first quarter
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(in millions of euros) 73 Pro forma
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Competition The Group’s various b
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Development of performance products
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In the past, a large proportion of
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company, which can be subject to fl
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These values impact the day‐to‐
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4.1.2.1 Partners in education For t
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o Locally, each subsidiary consider
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On a global scale, the Bernaches: S
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o Senior support individuals who at
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Workforce Total number of employees
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European FOOD (Fighting Obesity thr
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GREENHOUSE GASES 4.2.2.4 Greenhouse
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Since 2006, an international employ
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In the event that the Company’s s
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Information of the Board of Directo
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If the Board decides to combine the
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• validating the categories of ad
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Organization of work defines and i
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In addition, without prejudice to t
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The table below is a summary of the
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shareholders (other than Accor itse
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indirectly) from a loan extended by
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• become “pure players”, list
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The Company will publish a press re
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Accordingly, as consideration for t
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(c) Calculation of the contributed
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6.3.4.3 Mechanics of the Spinoff Th
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(f) Impact on the calculation of th
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SECTION 7 ‐ INFORMATION ABOUT THE
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of the Company, in respect of share
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Throughout the subscription period,
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Because the Company’s shares are
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connection with their action in con
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Resolution Purpose of the resolutio
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“We certify, after taking all rea
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9.7 Cross‐reference table for inf
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No. Item in the Regulation Section(
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No. Item in the Regulation Section(
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No. Heading in the Regulation Secti
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No. Heading in the Regulation Secti
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SECTION 10 FINANCIAL STATEMENTS 10.
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New Services: Historical Combined F
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Equity and Liabilities (in € mill
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Changes in Historical Combined Equi
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163 New Services: Historical Combin
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165 New Services: Historical Combin
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Preparation of the financial statem
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169 New Services: Historical Combin
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171 New Services: Historical Combin
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173 New Services: Historical Combin
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175 New Services: Historical Combin
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S.8. OPERATING PROFIT BEFORE TAX AN
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Note 2. Significant Events and Chan
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New Services: Historical Combined F
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Note 3.3. Operating revenue by geog
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Note 4. Operating Expenses (in €
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Note 6. Depreciation, Amortization
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Note 8. Net financial expense (in
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Note 10. Income Tax Note 10.1. Inco
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Note 10.3. Details of recognized de
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Changes in the carrying amount of g
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The following intangible assets are
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Note 14. Receivables and Payables N
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Note 15. Share‐based payments Not
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New Services: Historical Combined F
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205 New Services: Historical Combin
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Note 17. Minority Interests (in €
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Note 19. Financial debt by Currency
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Note 20. Net Debt and Net Cash (in
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At December 31, 2008, financial ass
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Note 22. Provisions New Services: H
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- Length‐of‐service awards in I
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Funded status of post‐employment
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Sensitivity analysis 221 New Servic
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New Services: Historical Combined F
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Note 26. Balance sheets by geograph
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Note 27. Claims and Litigation Tax
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Note 29. Additional Information abo
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Note 31. Compensation Paid to Corpo
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Note 33. Subsequent Events There ha
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10.1.2 Statutory auditor’s report
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Pro forma Income Statements New Ser
- Page 247 and 248: Pro forma Balance Sheets Assets (in
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- Page 251 and 252: Key Ratios and Indicators New Servi
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- Page 255 and 256: .2. Equity 247 New Services: Pro fo
- Page 257 and 258: B. At December 31, 2008 (in € mil
- Page 259 and 260: Statements of Comprehensive Income
- Page 261 and 262: B. At December 31, 2008 (in € mil
- Page 263 and 264: Cash Flows Statements A. At Decembe
- Page 265 and 266: C. At December 31, 2009 (in € mil
- Page 267 and 268: Notes to the Pro forma Financial St
- Page 269 and 270: 261 New Services: Pro forma Financi
- Page 271 and 272: 263 New Services: Pro forma Financi
- Page 273 and 274: D.4. RECOVERABLE AMOUNT OF ASSETS 2
- Page 275 and 276: K. Pensions and other post‐employ
- Page 277 and 278: The fair value of the employee bene
- Page 279 and 280: For all of these products, recogniz
- Page 281 and 282: U. Segment Information New Services
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- Page 285 and 286: Note 3.2. Total revenue Total reven
- Page 287 and 288: 3.3.2 Other operating revenue by ge
- Page 289 and 290: Note 5. EBITDA by Geographic Segmen
- Page 291 and 292: Note 7. EBIT by Geographic Segment
- Page 293 and 294: Note 9. Non‐recurring income and
- Page 295 and 296: Note 10.2. Effective tax rate New S
- Page 297: Note 11. Goodwill (in € millions)
- Page 301 and 302: Note 13. Property, Plant and Equipm
- Page 303 and 304: Note 14.4. Receivables and payables
- Page 305 and 306: New Services: Pro forma Financial S
- Page 307 and 308: Employee Stock Ownership Plan 299 N
- Page 309 and 310: Note 16. Cumulative Fair Value Adju
- Page 311 and 312: Note 18. Comprehensive Income Tax o
- Page 313 and 314: Note 19.C Financial instruments 1.
- Page 315 and 316: Note 21. Provisions New Services: P
- Page 317 and 318: - Length‐of‐service awards in I
- Page 319 and 320: Funded status of post‐employment
- Page 321 and 322: Sensitivity analysis 313 New Servic
- Page 323 and 324: New Services: Pro forma Financial S
- Page 325 and 326: Note 25. Balance sheets by geograph
- Page 327 and 328: Note 26. Claims and Litigation Tax
- Page 329 and 330: Note 28. Additional Information abo
- Page 331 and 332: Note 30. Compensation Paid to Corpo
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- Page 335 and 336: 10.2.2 Statutory auditor’s report
- Page 337 and 338: ANNEX A - STATUTORY AUDITORS’ REP
- Page 339 and 340: appropriate, as well as analyze the
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The new shares will be entirely fun
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o the execution of a term loan agre
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are judged appropriate. In particul
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Within the context of the transacti
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ANNEX B - STATUTORY APPRAISERS’ R
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Our report is organized as follows:
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- All civil, commercial, industrial
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1.2. Description of the transaction
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Finally, the contributed net assets
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Provisions for risks...............
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- the contribution of assets will b
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2. WORK PERFORMED AND ASSESSMENT OF
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c. we have reviewed the financial s
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2.2.1.2. Separation The ACCOR group
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i.e., €1,099,185 thousand, repres